Correlation Between IDX 30 and Bank Ganesha
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By analyzing existing cross correlation between IDX 30 Jakarta and Bank Ganesha Tbk, you can compare the effects of market volatilities on IDX 30 and Bank Ganesha and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in IDX 30 with a short position of Bank Ganesha. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Bank Ganesha.
Diversification Opportunities for IDX 30 and Bank Ganesha
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between IDX and Bank is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Bank Ganesha Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank Ganesha Tbk and IDX 30 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on IDX 30 Jakarta are associated (or correlated) with Bank Ganesha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank Ganesha Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Bank Ganesha go up and down completely randomly.
Pair Corralation between IDX 30 and Bank Ganesha
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Bank Ganesha. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 4.4 times less risky than Bank Ganesha. The index trades about -0.1 of its potential returns per unit of risk. The Bank Ganesha Tbk is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 6,600 in Bank Ganesha Tbk on August 28, 2024 and sell it today you would earn a total of 1,700 from holding Bank Ganesha Tbk or generate 25.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Bank Ganesha Tbk
Performance |
| Timeline |
IDX 30 and Bank Ganesha Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Bank Ganesha Tbk
Pair trading matchups for Bank Ganesha
Pair Trading with IDX 30 and Bank Ganesha
The main advantage of trading using opposite IDX 30 and Bank Ganesha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Bank Ganesha can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Bank Ganesha will offset losses from the drop in Bank Ganesha's long position.| IDX 30 vs. Ace Hardware Indonesia | IDX 30 vs. Capital Financial Indonesia | IDX 30 vs. PT Data Sinergitama | IDX 30 vs. Steel Pipe Industry |
| Bank Ganesha vs. Bk Harda Internasional | Bank Ganesha vs. Bank Yudha Bhakti | Bank Ganesha vs. Bank Mnc Internasional | Bank Ganesha vs. Bank Capital Indonesia |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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